NJ READ’s Initial Survey is Launched; Your Input is Critical to Effective Regulatory Advocacy

Posted by Marissa Anema Tuesday, February 14, 2012 10:32:00 AM

HIGHTSTOWN, N.J. – As compliance burdens grow, it has never been more important for your New Jersey Credit Union League to provide effective and efficient regulatory advocacy on your behalf. We are advancing regulatory advocacy to a new level in 2012. Earlier this year, we launched our NJ READ (Regulatory Examination Assistance and Development) program.

NJ READ will create a “voice” for New Jersey credit unions with a goal of positively impacting how credit unions are examined and regulated going forward.

NJ READ held its first meeting on January 24 where a group of credit union leaders discussed the goals and objectives of the program. The group decided that one of NJ READ’s key differentiators will be communicating their findings to NCUA and any other applicable regulators on a quarterly basis through a quarterly report. The report will also be distributed to the broader credit union movement.

To aid NJ READ in gathering the necessary information, i.e. examination experiences, individual credit union and industry data, as well as feedback on proposed/current regulations, we have developed a “Post-Exam and Regulatory Topics” survey. This survey will give New Jersey credit unions the opportunity to voice their concerns and share their experiences to help us drive to a better regulatory environment.

The NJ READ Survey is the key to this program’s future. To access the survey visit https://www.surveymonkey.com/s/NJREADQ1. Please note the survey also gives you the opportunity to document positive experiences that we want to share with the regulator to identify best practices that might benefit other credit unions.

The deadline for completion of the survey is March 30, 2012.

Please note: We will note share any specific CU exam findings by name. The intent is to alert NCUA and other regulatory agencies to exam practice trends in our state. Your CU’s individual responses will not be identified. All information will be aggregated. We have alerted NCUA that we are engaging in this survey, and they have committed to evaluating the results and working with us.

For more information on NJ READ, including reports, meeting dates, updates, and resources, visit www.njcul.org/njread.aspx.

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